Homebase stores across Suffolk are at risk of closure which could lead to hundreds of job losses.
The DIY retailer which lost £84.2million last year has now been sold to retail group CDS, which owns The Range.
The rescue deal secured up to 1,600 jobs and 70 stores, but the future for 2,000 workers and 49 shops is still unclear.
Homebase appointed administrators at consultancy Teneo on Wednesday before CDS completed its purchase later in the day.
Homebase has stores in Suffolk including in Sudbury, Felixstowe, Bury St Edmunds and Newmarket.
Staff jobs at the Milton Keynes headquarters are still at risk, however Teneo said the remaining 49 UK stores with unclear futures will remain operational while administrators try to find a buyer.
Despite the risk of closures, Sky News reported that The Range's owner was purchasing 75 stores as part of a pre-pack administration.
Chris Dawson, The Range's owner, spoke to The Telegraph and said: "We are delighted to be able to save so many stores and jobs, and look forward to adding the Homebase brand and subsidiaries to the expanding Range group of companies."
In August, Sainsbury’s struck a deal to buy 10 Homebase stores and convert them into supermarkets.
One of those 10 stores that was purchased by Sainsbury's was the Lowestoft site which has been in the town since 2003.
It is understood that the Homebase Lowestoft store is set to close its doors in December.
Damian McGloughlin, CEO of Homebase, said: "It has been an incredibly challenging three years for the home and garden improvement market. A decline in consumer confidence and spending following the pandemic has been exacerbated by the impact of persistent high inflation, global supply chain issues and unseasonable weather.
"Against this backdrop, we have taken many and wide-ranging actions to improve trading performance including restructuring the business and seeking fresh investment. These efforts have not been successful and today we have made the difficult decision to appoint administrators."
It is unclear which stores will remain Homebase branded after the deal and the locations of the 49 stores at risk still haven't been disclosed.
The administrators said all employee wages and benefits will be paid for their period of employment and customer orders will be fulfilled as far as possible.
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